The accounting year for all Councils starts on 1st April and finishes on 31st March. Local Councils levy an annual precept charge which is collected via the District Council. The Precept helps run the services provided by the Parish Councils and enables it improve facilities for the community it serves.
The Council Tax Precept
The precept is the parish council’s share of the council tax. These funds are used to manage the daily costs of running a Parish. The precept demand goes to the billing authority, NNDC District Council, which collects the tax for the Parish Council. The 'Precept' is converted into an amount per Council Tax Band that is added onto the Council Tax bill. Income and expenditure for the next financial year are calculated in the form of budgets.
Parish and town councils can apply for other funding such as grant and funding awards, but they do not receive funds direct from central government as principal authorities do.